Kerzner Agrees to Buy-Out - Wednesday 3rd of May 2006

NEW YORK – As reported by Reuters: "Casino and resort operator Kerzner International Ltd. (KZL.N) said on Monday that a group of investors led by its chairman and chief executive will buy the company for about $3.2 billion, or more than 6 percent above its previous offer.

"The investors' group, led by Kerzner Chairman Sol Kerzner and Chief Executive Butch Kerzner, amended an earlier buyout deal, raising the price to $81 a share in cash, up from $76 a share it offered in March, the company said.

"Kerzner's shares were up $2.47, or 3.2 percent, at $80.61 during morning trading at the New York Stock Exchange.

"…The increased buyout agreement comes after one large investor in the company said he did not support the deal at $76 a share, according to a regulatory filing on April 24.

"…The total transaction value, including the assumption of $599 million of net debt, is about $3.8 billion and carries a break-up fee of 3 percent of the equity value of the deal, or about $95 million.

"…The investor group includes United Arab Emirates-based Istithmar PJSC, which is already joining with Kerzner on an Atlantis resort in Dubai…"

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